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Popular Word Problems >

5700 dollars is placed in an account with an annual interest rate of 6.5%. To the nearest year, how long will it take for the account value to reach 20900 dollars?

Solution

5700 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.5%. T o t h e n e a res t ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 20900 d o ll a rs ?

Solution

Time : 41.03

Solution steps

Translate the problem into an equation:

20900 = 5700 (1 + 0.065 t)

Solve for

t, 20900 = 5700 (1 + 0.065 t) : t = 41.03

Time : 41.03

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